The Virgin Islands Banking Board, chaired by Lieutenant Governor Gregory R. Francis, convened in a regular meeting on Monday, April 19, 2010 and approved FirstBank’s request to close two of its branches in the Virgin Islands; the Grand Galeria Branch in Charlotte Amalie, St. Thomas and the Estate Diamond Branch on St. Croix.

According to representatives from FirstBank at the meeting, employees of those branches would receive lateral transfers to other branches and customers at those branches will be given additional advance notice of the proposed July 30, 2010 closing date. FirstBank must still await approval from the FDIC, which requires a 90-day notification process.

In other action, the Board approved a memorandum of understanding (MOU) between the Division of Banking and Insurance and the Department of Licensing and Consumer Affairs that will allow Banking & Insurance to provide regulatory assistance for locally chartered credit unions. DLCA does not currently have the financial regulatory expertise to regulate credit unions and this will grant credit union customers with additional protection. The Board also received an update on the status of the National Mortgage Lending System (NMLS) which went live locally on April 2nd.

Also in attendance at Monday’s meeting were board members Finance Commissioner Angel Dawson Jr., Pablo O’Neill and Desmond Maynard. Absent were members Ernesto Gutierrez and Winston Bennett. By virtue of his position, Lt. Governor Francis is Chairman of the Virgin Islands Banking Board.

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